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Investors welcome country's efforts to reduce bulging debt burden, but there is nagging worry
Despite the rise in dollar funding, local markets still provide the bulk of sovereign's borrowing
Corporate issuance from the country in 2025 is at record volumes
Climate-resilient debt clauses exist, but a group is working to roll them out to more emerging market sovereigns
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Panama acted swiftly to capture crucial funds on Thursday, jumping on an improved market to raise $2.5bn of debt and giving a glimmer of hope to emerging market countries as fears were beginning to rise of a devastating funding squeeze for the developing nations just when they most need finance. -
Distressed South American sovereign Ecuador faces a tall task to renegotiate its debt payment schedule in time to avoid a hard default, said market participants, after it delayed around $200m of coupons this week, taking advantage of a 30 day grace period.
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After its long-awaited debt sustainability analysis disappointed many investors and analysts, Argentina’s desire to solve its debt restructuring quickly may buckle under the pressure of its attempts to mitigate the impact of Covid-19.
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Two days after saying it would take advantage of grace periods to delay coupon payments, Ecuador confirmed that it would begin negotiations with commercial and bilateral creditors around what it calls a “consensual reprofiling” of its outstanding liabilities.
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Latin America bonds may not be immune to the generalised improvement in tone in credit markets this week, but that secondary markets remains dysfunctional and a return to primary market action could be some way away.
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Mauricio Cárdenas, Colombia’s finance minister in 2012-18, has told GlobalCapital that emerging market nations would struggle to raise the financing required to fund measures to treat the Covid-19 pandemic and consequent economic slump. “Difficult years are coming” for EM, warned the former official.
